Answered: The company had net sales of $32,000…

The company had net sales of $32,000 and ending accounts receivable of $2,800 for the current period. Its days' sales uncollected equals: a. 8 days b. 88 days c. 33 days d. 1-day e. 32 days

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

See similar textbooks

Related questions

Q: Don't use AI.

Q: Hi expart Provide solution

A: The first step is to determine the cost of goods sold: Cost of goods sold = (Sales - Sales returns)…

Q: In 2023, Microsoft Corporation reported total revenue of $211.9 billion and total expenses of $145.5…

A: Microsoft's Ending Retained Earnings Balance for 2023To calculate Microsoft's ending retained…

Q: Skip to question [The following information applies to the questions displayed below.] During…

A: Explanation of Short-Term Capital Gain and CarryoverShort-term capital gains occur when an asset…

Q: Business 123 Introduction to Investments MasterCard, Costco, or AMD, would one invest in any of…

A: MasterCard MA: Deep Dive into the Stock of a Financial Powerhouse MasterCard is one of the leading…

Q: bok Problem 8-29 (Algo) Completing a Master Budget [LO8-2, LO8-4, LO8-7, LO8-8, LO8-9, LO8-10] The…

A: To solve this budgeting problem for Shilow Company, you need to prepare several components of the…

Q: On 1 January 2010, Company A lends Company B the sum of $10,000 payable in 10 six-monthly…

A: Part 2: Explanation:Step 1: IRR Calculation- List all cash flows from the loan: - Outflow (loan…

Q: Solve this problem

A: Step 1: Define Shareholders' EquityShareholders' equity is the value of a company's assets minus its…

Q: Leather Authentic Company is a manufacturer of leather cases for tablets. The following information…

A: Part A,Leather Authentic Company: Financial Analysis: Step 1: a) Calculate the raw material used by…

Q: the error log shows using sage 300 . 1 The Default Closing Account in G/L Setup Options is empty.1…

A: The error you are encountering in Sage 300 suggests that the system is not properly recognizing the…

Q: Don't use AI

A: Question 1: Rolls-Royce Production Process ComparisonExplanation of Variable Costs:Variable costs…

Q: None

A: Step 1:The inventory valuation method of lower of cost or market value is the method where inventory…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Detailed explanation:Question 36 :Unadjusted cost of goods sold $ 84,000…

Q: Please correct answer and don't use hand rating

A: Part 2: ExplanationWe will walk through the financial assessment and strategic decisions of Dreamit…

Q: Help me with this please, mainly the OCF, ICF, and FCF '

A: According to Trendy Apparel's published cash flow statement, the company's operating operations are…

Q: Hello tutor provide solution

A: Step 1: Effect of Net Income on the Accounting Equation:The main objective of every business entity…

Q: Please need answer

A: Explanation of Treasury Shares: Treasury shares are shares that a company has repurchased from its…

Q: Need answer please

A: To find the deferred gross profit as of December 31, 2007, we need to know the total gross profit…

Q: Provide correct calculation

A: To find the long-term debt, use the accounting equation:Assets = Liabilities + Equityknow that:Total…

Q: 7

A: Step 1: Definition of Bank Reconciliation:One of the internal controls in cash is preparing the bank…

Q: Financial information follows for four different companies: Apple Inc. Banana Corp. Cherry…

A: Explanation: The following formulas will be used in the calculations for the missing amounts:Net…

Q: Need help please

A: TotalPer unit40% INCREASESales$390,000 $25 $546,000.0 Variable Expenses249,60016$349,440.0…

Q: Solve this problem

A: Option A:This option is incorrect because forgoing the trade credit discount results in an implied…

Q: For 15 years, Maria has owned and operated a seaside bakery and café called The Beachsider. Each…

A: Tax Consequences:Real estate contribution from Kyler: Due to the property's appreciation since…

Q: On December 31, 2022, Golden Egg Company sells farming equipment to Feather Inc. for $50,000. Golden…

A: This scenario involves a company selling equipment along with warranties, and the question centers…

Q: For many years, Thomson Company manufactured a single product called LEC 40. Then three years ago,…

A: To solve this problem, we used activity-based costing (ABC) to assign manufacturing overhead to two…

Q: Emi Co., a new trendy figurine company, began operations this year on January 1, 2023. The annual…

A: Approach to solving the question: Analysis How to Create an Income StatementAn Income Statement…

Q: A manufacturer reports the following per unit cost information. The company uses absorption costing,…

A: Step 1:Under absorption costing method product cost is calculated by using all variable cost and…

Q: The marketing department of Jessi Corporation has submitted the following sales forecast for the…

A: Step 1: Estimate SalesIdentify the budgeted unit sales for each quarter from the provided data.Sum…

Q: ?? Ans

A: 1Cash proceeds of the sale 125,000 Less: Book value of the truck 117,000 Gain on…

Q: A debit will increase D. Answer A and B O B. operating expenses, cash O C. Dividend, Accounts…

A: The best answer is C: Answer choice A and C.A: A debit will increase accounts receivable (an asset)…

Q: bok Problem 8-29 (Algo) Completing a Master Budget [LO8-2, LO8-4, LO8-7, LO8-8, LO8-9, LO8-10] The…

A: Step 1: Why it is necessary to Plan a Budget in Business? 1. Forecasting Demand:The purchasing…

Q: At the end of fiscal year 2023, PepsiCo's accounting department discovered that they had incorrectly…

A: 1. Impact of the Error on Financial StatementsBy recording the equipment as an operating expense…

Q: You are promised $450 one year from now. Assuming prevailing interest rates are at 4%, what is that…

A: In this case:Future Value = $450Interest Rate = 4% = 0.04Number of periods = 1 yearPlugging in the…

Q: The City of Amarillo is authorized to issue $3,000,000, 5 percent regular serial bonds in 2023 for…

A: 1. First, let's calculate the necessary information: Total bond amount: $3,000,000 Interest rate:…

Q: hsd.1

A: Proposal XProposal YProposal ZBest ProposalPayback period221ZAccounting rate of…

Q: Lenser Company has two service departments — product design and engineering support, and two…

A: Step 1: Direct Costs of Service Departments:Product Design: $170,000Engineering Support: $190,000…

Q: 26 Milden Company is a merchandiser that plans to sell 23,000 units during the next quarter at a…

A: First, we need to calculate the total sales for the next quarter. This is done by multiplying the…

Q: An analyst has compiled the following 2016 information about Steller Corp. (in millions). Income…

A: We will use the Total Liabilities and Equity as Total Assets following the accounting equation…

Q: financial accounting

A: Step 1: Definition of Inventories:In accounting, inventories are considered current assets and are…

Q: None

A: Step 1: Define Owner's EquityThe owner's equity is the amount invested by the owner to start the…

Q: Hello tutor give correct answer

A: Step 1:Given that Total Assets = 210000Total Liabilities = 95000Revenues = 200000Expenses =…

Q: Give correct solution

A: Step 1: Define Fixed Costs and Excess CapacityThe variable costs of a product increase or decrease…

Q: What is jorge's gain or loss realized on the machine?

A: Please see solution and answers above for reference. To get the gain/loss on sale, compare the sale…

Q: Sandhill Inc. had the following balance sheet at December 31, 2024. Sandhill Inc. Balance Sheet…

A: Step 1: Create a journal entry for each transaction that occurs (1) To record the sale of…

Q: Right answer

A: To determine the net profit under variable costing, we need to follow these steps: Calculate Fixed…

Q: Required information [The following information applies to the questions displayed below.]…

A: The problem involves calculating the cost of work in process using the weighted-average method for a…

Q: None

A: Step 1: Define Manufacturing OverheadThe manufacturing overhead is the collection of indirect…

Q: Provide solution for this question

A: A. Recognized gain/loss= Selling price - Adjusted basis= 13,000-22,000=(9,000)B. Recognized…

Q: On January 1, 2023, DMW Corporation issued a series of 100 convertible bonds, maturing in 5 years.…

A: Step 1:Convertible bonds is a type of debt instrument that can be converted into a predetermined…

Question

100%

If you give me wrong answer, I will give you unhelpful rate

The company had net sales of $32,000 and ending
accounts receivable of $2,800 for the current period. Its
days' sales uncollected equals:
a. 8 days
b. 88 days
c. 33 days
d. 1-day
e. 32 days

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
A company had net sales of $29, 800and accounts receivable of S4, 400for the current period. Its days' sales uncollected equals: (Use 365 days a year.)O A) 65.09 days.O B) 45.89 days.. C) 69.19 days.O D) 53.89 days.O E) 6.77 days.28A company had net sales of $29,800and accounts receivable of $4,400 for the current period. Its days' sales uncollected equals: (Use 365 days a year.)O A) 65.09 days.O B) 45.89 days.. C) 69.19 days.O D) 53.89 days.O E) 6.77 days.28
A company had net sales of $84,000 and accounts receivable of $6,720. Its days’ sales uncollected is a. 3.2 days. c. 230.0 days. e. 12.5 days. b. 18.4 days. d. 29.2 days.
A company reports the following: Sales $838,040 Average accounts receivable (net) 51,100 Round your answers to one decimal place. Assume a 365-day year. a. Determine the accounts receivable turnover. b. Determine the number of days' sales in receivables.
A company reports the following: Sales $1,180,410 Average accounts receivable (net) 56,210 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover ___________ b. Number of days' sales in receivables ___________ days
A company reports the following: Sales $572,320Average accounts receivable (net) 20,440Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover fill in the blank 1b. Number of days' sales in receivables fill in the blank 2 days
Forecast the accounts receivable for Company XYZ using the following annual information. Receivable days assumption = 55 days Payable days assumption = 69 days Forecasted revenue = $263,500 Forecasted cost of goods sold = $114,780
X Company had credit sales of $700,000 during the year. End of year accounts receivable was $60,000 and beginning accounts receivable was $40,000. Compute the company's receivables turnover ratio. a. 0.07. b. 11.7. c. 14.0. d. 17.5. e. 35.0.
A company reports the following: Sales $1,460,000 Average accounts receivable (net) 100,000 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover fill in the blank 1 b. Number of days' sales in receivables fill in the blank 2 days
A company reports the following: Sales $1,156, 320 Average accounts receivable (net) 87,600 Determine (a) the accounts receivable turnover and (b) number of days' sales in receivables. Round your answers to one decimal place. Assume a 365 day year. a. Accounts receivable turnover fill in the blank 1 b. Number of days' sales in receivables fill in the blank 2 days